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Managing Accounts Payable

February 2006

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As part of our recent research into electronic invoicing, we have identified several key trends that you need to be aware of—regardless of where your AP department is in the e-invoicing process.

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February 2006 Table of Contents [ toggle snippets ]

MAP February 2006 (full PDF issue)
Internal Control: Segregation of AP Duties Matrix Helps Bulletproof Controls;
Exclusive Survey: How Companies Bring Automation to T&E Operations;
Answers to Top 10 AP Questions Are at Your Fingertips;
Experts Predict Future of Electronic Invoicing for AP;
6 Best Practices for Using Vendor Statements:
MAP Calendar (February 2006);
News Briefs (February 2006);
Accounts Payable Managers’ Forum (February 2006)
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Internal Control: Segregation of AP Duties Matrix Helps Bulletproof Controls
With the new year started, now’s a good time to review your AP department’s “segregation of duties” setup. Unless there’s a formal division of certain duties, your department has a serious potential control problem that will not escape the auditors’ attention. And if your company is subject to the Sarbanes-Oxley Act, this is definitely a candidate for a write-up. That is, upper management will have to fess up to the fact that there’s a “material weakness” in the company’s internal controls—and that’s the last thing you want to happen.
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Exclusive Survey: How Companies Bring Automation to T&E Operations
Technology has had the most significant impact on the reimbursement process for employee travel and entertainment (T&E) expenses. Not only can automation cut T&E processing time in half, it can transform the operation from a transactional headache to a business intelligence tool.
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Answers to Top 10 AP Questions Are at Your Fingertips
The redesigned IOMA Web site (www.ioma.com) makes it easier than ever to find where the answers are to your AP-related questions. For the information or help that you need, you can search back issues of MAP and avail yourself of the other resources IOMA offers for AP professionals.
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Experts Predict Future of Electronic Invoicing for AP
As part of our recent research into electronic invoicing, we have identified several key trends that you need to be aware of—regardless of where your AP department is in the e-invoicing process.
Close Snippit | Read Article
6 Best Practices for Using Vendor Statements
Back in this editor’s days in accounts payable, we treated vendor statements with the respect we felt they were due: We generally threw them in the garbage. After all, what was the point of looking at them? The outstanding invoices listed on the statement were either already paid or lost. If paid, they’d disappear from the statement. If lost, a duplicate would be sent and that document would be researched. So the statement was useless, we contended.
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News Briefs (February 2006)
INVOICE REFUNDS OF PHONE TAX If the telecom invoices you receive include the 3% telephone tax, you may be able to delete it—or get a refund. Three appellate courts (in the 11th, 6th, and D.C. circuits) have ruled that cents-per-minute calling plans are exempt from the tax because the charges aren't based on time and distance. In the latest case, the court ruled that the company could get a refund of the tax it paid [National…
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Accounts Payable Managers� Forum (February 2006)
Problem: A company specializing in government contracts (name withheld on request) was awash with paper invoices, and the manual processing was costing a fortune in overtime and document storage costs.
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